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In 2025, Lagos State experienced one of its most aggressive waves of residential demolitions in recent history. Across multiple waterfront and low-income communities, thousands of homes were demolished, displacing tens of thousands of residents in operations often carried out with minimal notice, heavy security presence, and in some cases, direct defiance of court orders.

The Lagos State Government framed these actions as enforcement of urban planning laws, removal of illegal structures, and protection of public safety. However, residents, civil society groups, and international human rights organizations described the demolitions as forced evictions that violated constitutional rights, ignored due process, and deepened Lagos’ already severe housing crisis.

Nigeria’s Federal Executive Council (FEC) has approved a ₦58.47 trillion federal budget proposal for the 2026 fiscal year, alongside an amendment to the Medium-Term Expenditure Framework (MTEF), setting the stage for formal presentation to the National Assembly by President Bola Ahmed Tinubu. The approval reflects the administration’s attempt to balance macroeconomic stabilisation with development priorities under the Renewed Hope Agenda.

Nigeria’s Federal Executive Council (FEC) has approved a ₦58.47 trillion federal budget proposal for the 2026 fiscal year, alongside an amendment to the Medium-Term Expenditure Framework (MTEF), setting the stage for formal presentation to the National Assembly by President Bola Ahmed Tinubu. The approval reflects the administration’s attempt to balance macroeconomic stabilisation with development priorities under the Renewed Hope Agenda.

Nigeria is poised to experience public protests as the newly enacted tax framework comes into force in early 2026, with households and businesses adjusting to significant fiscal changes. Analysts indicate that while initial pushback is likely, enforcement and digitalisation may stabilise compliance by the end of the year.

SBM Intelligence, in its “The Year Ahead 2026” outlook, projects that the enforcement of four major tax laws could trigger widespread resistance, particularly as the impact on day-to-day finances becomes evident. The laws comprising the Nigeria Tax Act, Nigeria Tax Administration Act, Nigeria Revenue Service Act, and the Joint Revenue Board Act seek to consolidate over 60 separate levies into a unified, digitally administered system, while exempting small enterprises with annual turnover below ₦50 million.

🌍 Global Housing Market Watch | Past Week

🇬🇧 UK: Mortgage approvals hit highest level since mid-2022

UK mortgage approvals rose sharply last week, reaching their strongest level in nearly two years as lenders eased rates and buyers rushed to lock in deals ahead of potential policy shifts in 2026. While prices remain elevated, transaction activity is beginning to recover, particularly among first-time buyers.

What this means globally: Housing demand can rebound quickly once financing conditions loosen. Even modest interest rate relief is enough to unlock pent-up demand in constrained markets.

🇺🇸 US: Housing affordability deteriorates further as rates stay elevated

New data shows US housing affordability fell again last week, with mortgage payments now consuming the highest share of household income in over three decades. Builders are responding by slowing new projects in several high-cost metros.

What this means globally: Prolonged high interest rates are forcing markets to adjust through reduced supply rather than falling prices, a pattern increasingly visible in major global cities.

🇨🇦 Canada: Home sales decline as buyers retreat ahead of rate decisions

Canadian home sales slipped last week as buyers adopted a wait-and-see approach ahead of the next Bank of Canada policy meeting. Markets like Toronto and Vancouver recorded slower activity despite stable prices.

What this means globally: Buyer sentiment is becoming more sensitive to central bank signals than to price levels alone. Policy uncertainty now plays a bigger role in transaction timing.

🇦🇺 Australia: Rental pressure intensifies in major cities

Australia recorded another rise in advertised rents over the past week, driven by population growth and limited new housing supply. Sydney and Melbourne remain among the tightest rental markets globally.

What this means globally: Migration-driven demand is increasingly shaping rental markets, especially where housing supply has not kept pace with population growth.

🇨🇳 China: Government signals renewed support for property sector

Chinese authorities announced additional measures this week aimed at stabilising the property market, including support for unfinished projects and easier credit conditions for select developers.

What this means globally: Policymakers are prioritising housing stability to protect broader economic growth. Continued intervention suggests real estate remains too important to fail in large economies.

HAVE A GREAT DAY 😃

_{^{Produced by: Amarachi Okeke}}